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Do you have to be married to get a joint loan?

Joint Loans

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Joint loans for married couples: Do you have to be married to get a Joint Loan?

Want to know if a Joint loan is the best borrowing option for you and your partner? Do you have to be married to be accepted? Discover all you need to know about taking out a joint or couple loan with Evolution Money. 

What is a Joint Loan?

A Joint Loan can be a fantastic borrowing option for many couples. As the lender will likely have two incomes to consider, you and your partner may be able to borrow more money than if you were to apply for an individual loan, meaning a Joint Loan could help you achieve your financial goals sooner than you’d think.

However, it’s essential that you and your loan partner are in complete agreement, both understand the terms of the loan and the commitment you are making, as both of you will be responsible for repaying the loan.

Regardless of any change in circumstance, both of you will still be expected to pay off the loan in full, rather than just your half or share. This remains the case even if the other person is unable or unwilling to make the monthly repayments including in the event of divorce or the unfortunate incident of illness or death. It also doesn’t make a difference who spent the money or who owns any assets paid for by the loan. This is known legally as joint and several liability.

Some people may require a Joint Loan to help improve their credit situation. However, you should also be aware that engaging in a Joint Loan with somebody with a poor credit rating can also affect your credit file.

So, before committing to any loan, it is important to check out your credit rating and assess the borrowing options available to you in order to make the best decision for you.

Who can take out a Joint Loan?

If you are eligible, then essentially anybody can take out a Joint Loan. It isn’t necessary for you and your loan partner to be married to be accepted for a Joint Loan.

Whether you are romantic partners, in a civil partnership, living together, family, or friends then you may benefit from a Joint Loan.

All we ask at Evolution Money is that you’re aged 21 or over, own your home, live in the UK and can comfortably afford the repayments, we’ll carry out checks to make sure it is affordable and the right Joint Loan for your circumstances.

We consider more than just numbers on a computer screen and instead look at your unique financial situation, which means our Joint Loans could even help those with a bad credit rating or existing debts.

Other borrowing options

According to the Money Advice Service, Joint Loans is only 1 of many types of borrowing that customers can access. These include other secured loans such as a mortgage, joint bank accounts that offer an overdraft and unsecured loans from banks, building societies and other lenders.

If one of you meets the criteria, a Joint Loan may not be necessary to borrow the amount of money you require. You and your partner would then be able to establish an agreement regarding repaying the loan, however, in this instance, only the person who took out the individual loan would solely be liable for making the regular payments.

Apply for a Joint Loan through Evolution Money

Discover how a Joint Loan or couple loan from Evolution Money can benefit you. Whether you’re looking to add value to your property with some home improvements, pay for a holiday, purchase a brand-new car or take back control of your finances.

We offer Joint Loans ranging from £5,000 to £50,000 with competitive rates and flexible lending terms of up to 20 years.

Applying for a Joint Loan with Evolution Money couldn’t be any simpler with our straightforward application process. Click here to receive your no-obligation quote today – don’t worry it won’t affect your credit score.

Or, call our friendly, qualified loan advisors on 0161 814 9158 to discuss your borrowing options and find out how a Joint Loan from Evolution Money could help to improve your financial situation.

Warning: Late payment can cause you serious money problems. For help, go to moneyhelper.org.uk
Representative 28.96% APRC (Variable) - For a typical loan of £20,950 over 85 months with a variable interest rate of 23.00% per annum, your monthly repayments would be £537.44. Including a Product Fee of £2,095.00 (10% of the loan amount) and a Lending Fee of £714.00, the total amount repayable is £45,682.15. Annual Interest Rates ranging from 11.7% to 46.5% (variable). Maximum 50.00% APRC. The loan must be paid back by your 70th birthday. Read more.

Think carefully before securing debts against your home your home may be repossessed if you do not keep up repayments on your mortgage or any other loan secured against it. If you are thinking of consolidating existing borrowing, you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.
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